- Dubai-based Web3 streaming platform myco raised $10 million in its Series A funding round, achieving a post-money valuation of $80 million.
- Key investors included Daman Investments, Aptos Labs, and Republic Crypto, with 88 accredited investors participating through Republic.com.
- myco reported a profitable first fiscal year with an EBITDA of $1 million and revenue of $7.5 million for 2023-24.
- myco holds significant sports broadcasting rights, including ICC and PSL Cricket Rights, English Premier League rights for Pakistan, and is a leader in e-sports streaming in the MENA region.
Dubai-based Web3 streaming platform, myco, has successfully closed the first phase of its Series A funding round, raising $10 million. This investment places the company at a post-money valuation of $80 million. The funding round saw participation from a diverse group of prominent investors across the MENA region, North America, and Europe.
Notable contributors to this funding round include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter.
In addition, 88 accredited investors joined the round through Republic.com. Daman Investments played a crucial role as an advisory partner and seed investor, while Republic Crypto provided expertise as a Web3 advisor.
Recent Achievements and Future Plans
myco, founded in 2021 by Umair Masoom and Somair Rizvi, has recently reported a profitable year, marking its first fiscal year with an EBITDA of $1 million and revenue of $7.5 million for 2023-24. The company’s impressive performance in user growth, retention, and revenue highlights its successful market entry and expansion.
The recent funding milestone is complemented by a significant announcement: myco has entered into a multi-million dollar partnership with the Aptos Foundation. This partnership will see the relaunch of myco’s native utility token on the Aptos blockchain in early Q4 2024. Additionally, the platform will migrate its wallet infrastructure to Aptos, enhancing its Web3 capabilities.
Expanding Global Presence
Following successful expansions into North America and Egypt, myco is gearing up to enter new markets. The company aims to leverage its recent funding to explore additional growth opportunities and form strategic partnerships. The goal is to replicate its success in markets with similar demographics and strong regional ties.
myco’s live streaming division holds significant broadcasting rights, including the ICC and PSL Cricket Rights for Pakistan, major cricketing rights for North America via Willow TV, and rights for both the World Squash Federation and the Egypt Squash Federation.
The company also boasts English Premier League rights for Pakistan and various sports rights, including the Asian Hockey Championship and Brave MMA. Moreover, myco leads e-sports streaming in the MENA region, covering popular games such as Counter-Strike 2, PUBG, and Valorant.
Looking Ahead
With plans to finalize a second closing of its Series A funding by early 2025, myco is positioning itself for continued growth and expansion. The company remains focused on scaling its operations and strengthening its presence in strategic territories.
As myco continues to innovate and expand, it aims to maintain its strong market position and achieve further milestones in the Web3 streaming space.
Altogether, myco’s successful funding round and recent achievements underscore its rapid growth and ambitious expansion plans. The company’s strategic investments and partnerships are set to enhance its market position and drive future success.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on August 28, 2024 by Safiya K
